The African Development Bank (AfDB) became Rx Healthcare Fund’s first Limited Partner in October 2016 with a USD 20mn equity investment in the Fund. The Fund team underwent extensive due diligence with AfDB leading to the Bank’s anchor investor commitment, which will support unlocking both African capital and spur further financing from other development finance institutions (DFIs) and commercial investors.
As the Rx Healthcare Fund invests in Africa’s underserved healthcare sector, its core values are well aligned with those of the Bank. AfDB’s participation in the Fund will help advance the Bank’s agenda of its “High 5” priority areas – in particular, “improve the quality of life for the people of Africa” – through the creation of affordable, high-quality healthcare infrastructure. By enforcing social infrastructure and providing equity capital catalyzing for additional resources for private sector development, the project is also in sync with the Bank’s Human Capital and Private Equity strategies. African Development will also serve on the Fund’s Advisory Board.